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United States Steel Corporation pays a symbolic dividend of 1 cent per 1 share

North America / Business and Finance
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a Leading integrated steel producer in the United States stopped 7 of 10 blast furnaces and is preparing to lay off about 7,000 employees from their factories.

United States Steel Corporation pays a symbolic dividend of 1 cent per 1 share

Board of Directors United States Steel Corporation (US Steel< / span>) announced on payment of dividends in the amount of $ 0.01 per share on the ordinary shares. Dividends to be paid on 10 June 2020 to shareholders registered at the end of the day may 11, 2020.

US Steel report a net loss for the first quarter of 2020 in the amount of 391 million USD or 2.30 dollars per share. Adjusted net loss amounted to $ 123 million, or 0.73 dollar per share. In the same period of 2019 US Shas been granted 45 million dollars of net profit, adjusted net profit was even more - $ 81 million, or 0.47 dollars per diluted share.

"Market activity started to improve before the appearance COVID-19 and sudden changes in the global oil and gas markets. When the impact of this unprecedented market dynamics became clear, we adjusted our strategy, strengthened its balance sheet and dramatically reduced costs. While these decisive actions helped us to outperform our forecast for the first quarter, we quickly turned our attention to the second quarter, not only to ensure the safety and health of our employees, but also to preserve cash and liquidity," said President and CEO of US Steel David B. Burritt.

US Steel < / span>has sent notifications about the plans layoffs to 6,500 employees, but expects that the actual number affected will be about 2 700 people. As of December 31, the company employed 27 500 people.

currently, US Steel has suspended seven of its 10 blast furnaces in the United States. Three sites at the plant Gary Works in Indiana, one in Granite city, Illinois, two Great lakes in Michigan and the other in the Mon Valley plant in Pennsylvania.

in addition, idling converted pipe factory shop Lone Star, and a plant for production of steel couplings Hughes Springs, Texas.

"If it was a normal business climate, I would say that it's a death sentence, but this is not a normal business climate," said Dan Demar, regional sales Manager at Heidtman Steel, customer service centre US Steel. According to him, the disconnection of the facilities indicates that the company is "ready to abandon market share to retain its business".

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